Yes, I did some extra testing and it doesn't look like it will work, for now...
For one, HE doesn't seem to have a way of importing and re-scaning the z-wave network for devices already stored in the USB controller.
Secondly, it also lacks a function to start the z-wave interface in "receive" mode, two capabilities that both HS3/HS4 and Vera have supported for a long time.
Obviously, nothing prevents the developers from adding such capabilities, as the z-wave specification allows those actions.
On the other hand, it looks they are about to launch a new service, allowing complete migration from a previous hub. Fingers Crossed!
